This report provides strategists, marketers and senior management with the critical information they need to assess the global life insurance providers market as it emerges from the COVID-19 shut down.
The global life insurance providers market reached a value of nearly $2,860.4 billion in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $2,860.4 billion in 2020 to $3,550.8 billion in 2025 at a rate of 4.4%. The growth is mainly due to the growing awareness about investing in life insurance policies due to an increase in chronic illnesses. The market is expected to grow from $3,550.8 billion in 2025 to $4,266.6 billion in 2030 at a CAGR of 3.7%.
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Where is the largest and fastest growing market for the life insurance providers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Life insurance providers market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider life insurance providers market, and compares it with other markets.
Ping An Insurance (Group) Company of China, Ltd.
China Life Insurance Company Limited
Assicurazioni Generali S.p.A.
China Pacific Insurance (Group) Co., Ltd.
Japan Post Insurance Co., Ltd.
The life insurance providers market consists of sales of life insurance products and related services by entities (organizations, sole traders and partnerships). These entities are involved in underwriting annuities and life insurance policies, disability income insurance policies and accidental death and dismemberment insurance policies. This includes both government and private owned Insurance providers that underwrite both linked policies which act as insurance as well as investment policies and non-linked polices or annuities against events such as death, permanent disability and temporary disability. Clients of these insurance providers are the general public who buy life insurance policies, the purchase can be made either through an intermediary or by direct selling.
Growth in the historic period resulted from rise in disposable incomes and government led insurance reforms. This growth was restricted by lack of awareness, limited coverage of illness death causes mistrust and self-insuring.
Going forward, impact of COVID-19, growth of middle-class group in emerging market, increase in chronic diseases and disabilities and increase in home ownership and mortgages are expected to drive the market. Global recession, non-investment grade and reliance on death-in-service benefits offered by companies are major factors that could hinder the growth of the life insurance providers market in the future.
The life insurance providers market is segmented by type of insurance into whole life insurance, term life insurance, accidental insurance, annuities, unit linked life insurance and other life insurance. The term life insurance was the largest segment of the life insurance providers market by type of insurance, accounting for 27.3% of the total market in 2020. Going forward, term life insurance segment is expected to be the fastest growing segment in the life insurance providers market, at a CAGR of 4.6%.
The life insurance providers market is also segmented by application into tied agents and branches, brokers, bancassurance and direct and other channels. The tied agents and branches was the largest segment of the life insurance providers market by application, accounting for 29.5% of the total market in 2020. Going forward, the bancassurance segment is expected to be the fastest growing segment in the life insurance providers market, at a CAGR of 4.8%.
The global life insurance providers market is segmented by region into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Asia Pacific was the largest region in the global life insurance providers market, accounting for 33.5% of the total in 2020. It was followed by the North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the life insurance providers market will be Africa and South America, where growth will be at CAGRs of 7.6% and 6.5% respectively. These will be followed by Eastern Europe and Asia Pacific, where the markets are expected to register CAGRs of 5.4 % and 4.6% respectively.
The global life insurance providers market is segmented by country into USA, China, India, South Korea, Japan, India, UK, Germany, France, Russia, Brazil.
The life insurance providers market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 10.7% of the total market in 2020. Major players in the market include Ping An Insurance (Group) Company of China, Ltd., China Life Insurance Company Limited, Assicurazioni Generali S.p.A., China Pacific Insurance (Group) Co., Ltd., Japan Post Insurance Co., Ltd., MetLife, Inc., Swiss Life Ltd., Manulife Financial Corporation, Aviva plc and AIA Group Limited.
The top opportunities in the life insurance providers market segmented by type of insurance will arise in the term life insurance segment, which will gain $239.2 billion of global annual sales by 2025. The top opportunities in the life insurance providers market segmented by application will arise in the bancassurance segment, which will gain $225.7 billion of global annual sales by 2025. The life insurance providers' market size will gain the most in the China at $150.1 billion.
Market trend based strategies for the life insurance providers market includes investing in technologies to aid automation of insurance, digital process implementation in insurance, investing in epigenetics for personalized insurance premiums, increasing usage of big data, cover for pandemics, customized insurance for clients and tie-ups with financial advisors offering life insurance. Player-adopted strategies in the life insurance providers market include investing in expanding operations through innovative product launches, and in acquisitions and mergers to strengthen their service offerings.
To take advantage of the opportunities, the publisher recommends the life insurance providers market companies to offer tailored insurance policies, use automation and big data technologies, expand in emerging markets, offer attractive pricing, provide competitively priced offerings, leverage digital media and collaborate with startups.
Key Topics Covered:
1. Life Insurance Providers Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction 6.1.1. Segmentation by Geography 6.1.2. Segmentation by Type 6.1.3. Segmentation by Application
7. Life Insurance Providers Market Characteristics 7.1. Market Definition 7.2. Segmentation by Type of Insurance 7.2.1. Whole Life Insurance 7.2.2. Term Life Insurance 7.2.3. Accidental Insurance 7.2.4. Variable Life Insurance 7.2.5. Annuities 7.2.6. Other Life Insurance 7.3. Segmentation by Application 7.3.1. Agency 7.3.2. Brokers 7.3.3. Bancassurance 7.3.4. Direct and Other Channels
8. Life Insurance Providers Market Trends and Strategies 8.1. Technologies to Aid Automation of Insurance 8.2. Digital Process Implementation in Insurance 8.3. Epigenetics to Lay the Foundation for Personalized Insurance Premiums 8.4. Increasing Usage of Big Data by Global Insurers 8.5. Cover for Pandemics 8.6. Customized Insurance for Clients Leading a Healthier Lifestyle 8.7. Financial Advisors are Increasingly Offering Life Insurance
9. Impact of COVID-19 on the Life Insurance Providers Market 9.1. Industry 9.2. Growing Demand for Life Insurance 9.3. The Wave of Digitalization 9.4. How Life Insurance Companies are Tackling the Virus
10. Global Life Insurance Providers Market Size and Growth 10.1. Market Size 10.2. Historic Market Growth, 2015 - 2020, Value ($ Billion) 10.2.1. Drivers of the Market 2015 - 2020 10.2.2. Restraints on the Market 2015 - 2020 10.3. Forecast Market Growth, 2020 - 2025, 2030F Value ($ Billion) 10.3.1. Drivers of the Market 2020 - 2025 10.3.2. Restraints on the Market 2020 - 2025
11. Global Life Insurance Providers Market Segmentation 11.1. Global Life Insurance Providers Market, Segmentation by Type, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion) 11.2. Global Life Insurance Providers Market, Segmentation by Application, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
12. Life Insurance Providers Market, Regional and Country Analysis 12.1. Global Life Insurance Providers Market, by Region, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion) 12.2. Global Life Insurance Providers Market, by Country, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
13. Asia-Pacific Life Insurance Providers Market
14. Western Europe Life Insurance Providers Market
15. Eastern Europe Life Insurance Providers Market
16. North America Life Insurance Providers Market
17. South America Life Insurance Providers Market
18. Middle East Life Insurance Providers Market
19. Africa Life Insurance Providers Market
20. Global Life Insurance Providers Market Competitive Landscape
21. Key Mergers and Acquisitions in the Life Insurance Providers Market 21.1. MetLife Limited to Buy Versant Health 21.2. Taishin Financial to Acquire Prudential Life Insurance Company of Taiwan Inc. 21.3. FWD Group Completed Acquisition of MetLife Hong Kong 21.4. KB Financial Group Inc. Acquired Prudential Financial, Inc. South Korean 21.5. Aflac to Acquire Zurich North America's Group Benefits 21.6. Prudential Financial Acquired Assurance IQ 21.7. Japan Post Holdings Acquired Stakes in Aflac 21.8. AIA Group Ltd Acquired Sovereign Assurance Company Limited 21.9. China Life Insurance Acquired Major Stake in PT Sinansari Putra Indonesia 21.10. AIA Group Ltd Acquires Commonwealth Bank of Australia
22. Life Insurance Providers Market Opportunities and Strategies 22.1. Global Life Insurance Providers Market in 2025 - Countries Offering most New Opportunities 22.2. Global Life Insurance Providers Market in 2025 - Segments Offering most New Opportunities 22.3. Global Life Insurance Providers Market in 2025 - Growth Strategies 22.3.1. Market Trend Based Strategies 22.3.2. Competitor Strategies
23. Life Insurance Providers Market, Conclusions and Recommendations 23.1. Conclusions 23.2. Recommendations 23.2.1. Product 23.2.2. Place 23.2.3. Price 23.2.4. Promotion 23.2.5. People